Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by Mediolanum International Funds Ltd

Mediolanum International Funds Ltd lowered its stake in Align Technology, Inc. (NASDAQ:ALGN) by 22.6% during the fourth quarter, Holdings Channel.com reports. The fund owned 5,741 shares of the medical equipment provider’s stock after selling 1,674 shares during the quarter. Mediolanum International Funds Ltd’s holdings in Align Technology were worth $1,183,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Wellington Management Group LLP grew its stake in Align Technology by 49.0% in the 3rd quarter. Wellington Management Group LLP now owns 2,634,600 shares of the medical equipment provider’s stock valued at $670,031,000 after acquiring an additional 866,663 shares during the period. Geode Capital Management LLC grew its stake in Align Technology by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 1,750,805 shares of the medical equipment provider’s stock valued at $443,810,000 after acquiring an additional 21,605 shares during the period. FMR LLC grew its stake in Align Technology by 43.0% in the 3rd quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock valued at $310,736,000 after acquiring an additional 367,508 shares during the period. Disciplined Growth Investors Inc. MN grew its stake in Align Technology by 6.4% in the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 753,026 shares of the medical equipment provider’s stock valued at $191,510,000 after acquiring an additional 45,484 shares during the period. Finally, Point72 Asset Management L.P. lifted its holdings in Align Technology by 96.3% in the 3rd quarter. Point72 Asset Management L.P. now owns 674,319 shares of the medical equipment provider’s stock valued at $171,493,000 after purchasing an additional 330,807 shares in the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Stock Performance

Align Technology stock opened at $219.11 on Monday. Align Technology, Inc. has a fifty-two week low of $196.09 and a fifty-two week high of $335.40. The firm has a 50 day moving average price of $222.95 and a 200 day moving average price of $226.89. The company has a market capitalization of $16.36 billion, a PE ratio of 37.39, a price-to-earnings-growth ratio of 4.92 and a beta of 1.67.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on ALGN. Leerink Partnrs raised shares of Align Technology from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. Morgan Stanley cut their price objective on shares of Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a report on Thursday, October 24th. Bank of America increased their price objective on shares of Align Technology from $200.00 to $206.00 and gave the company an “underperform” rating in a report on Friday, December 13th. Evercore ISI cut their price objective on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Finally, Stifel Nicolaus cut their price objective on shares of Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Align Technology presently has an average rating of “Moderate Buy” and a consensus target price of $271.70.

Align Technology Company Profile

Align Technology, Inc designs, manufactures, and markets Invisalign clear aligners, and iTero intraoral scanners and services for orthodontists and general practitioner dentists in the United States, Switzerland, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.